Kinetik (NYSE:KNTK) Upgraded to “Hold” at Wall Street Zen

Wall Street Zen upgraded shares of Kinetik (NYSE:KNTK) from a sell rating to a hold rating in a research report report published on Saturday.

Several other equities research analysts have also recently issued reports on KNTK. Mizuho reduced their price objective on shares of Kinetik from $70.00 to $61.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 20th. Citigroup upgraded shares of Kinetik from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $58.00 to $55.00 in a research report on Tuesday, May 20th. US Capital Advisors upgraded shares of Kinetik from a “hold” rating to a “moderate buy” rating in a research report on Monday, April 7th. Royal Bank of Canada reduced their price objective on shares of Kinetik from $67.00 to $63.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Finally, UBS Group started coverage on shares of Kinetik in a research report on Tuesday, April 29th. They set a “neutral” rating and a $49.00 price objective on the stock. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $57.11.

Kinetik Stock Performance

NYSE KNTK opened at $44.84 on Friday. The company has a market cap of $7.07 billion, a PE ratio of 47.20 and a beta of 3.03. The business’s 50 day moving average price is $45.40 and its 200 day moving average price is $54.20.

Kinetik (NYSE:KNTK) last released its earnings results on Wednesday, May 7th. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.24). The business had revenue of $443.26 million for the quarter, compared to the consensus estimate of $466.54 million. During the same quarter last year, the firm posted $0.12 EPS. The company’s revenue for the quarter was up 29.8% compared to the same quarter last year.

Kinetik Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Friday, April 25th were issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 6.96%. The ex-dividend date was Friday, April 25th. Kinetik’s dividend payout ratio (DPR) is presently 328.42%.

Insider Buying and Selling

In related news, major shareholder Isq Global Fund Ii Gp Llc sold 1,044,519 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $52.66, for a total value of $55,004,370.54. Following the completion of the sale, the insider now directly owns 657,583 shares in the company, valued at $34,628,320.78. This trade represents a 61.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.83% of the stock is owned by corporate insiders.

Institutional Trading of Kinetik

Institutional investors and hedge funds have recently made changes to their positions in the business. Barclays PLC lifted its position in shares of Kinetik by 34.5% during the third quarter. Barclays PLC now owns 234,286 shares of the company’s stock worth $10,603,000 after purchasing an additional 60,058 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Kinetik by 14,124.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 13,940 shares of the company’s stock worth $820,000 after purchasing an additional 13,842 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Kinetik by 12.5% during the fourth quarter. Bank of New York Mellon Corp now owns 488,011 shares of the company’s stock worth $27,675,000 after purchasing an additional 54,081 shares during the last quarter. Jump Financial LLC lifted its position in shares of Kinetik by 73.8% during the fourth quarter. Jump Financial LLC now owns 41,880 shares of the company’s stock worth $2,375,000 after purchasing an additional 17,778 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Kinetik by 54.1% during the fourth quarter. JPMorgan Chase & Co. now owns 243,236 shares of the company’s stock worth $13,794,000 after purchasing an additional 85,378 shares during the last quarter. 21.11% of the stock is currently owned by institutional investors.

Kinetik Company Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.